Skechers Inc. wins court ruling against pension plan investor’s bid to delay acquisition by 3G Capital in $9 billion deal, the largest in shoe buyout history. Key West sought injunction due to shareholder election concerns, but judge rules against, citing lack of irreparable harm. SEC review ongoing, closing date uncertain.

Deal structure offers two election options at $63/share or $57/share in cash and equity unit. Lawsuit filed by Key West in May, seeking injunction. Skechers founders Robert and Michael Greenberg to retain minority stake and continue overseeing operations post-acquisition. Skechers received antitrust clearance from FTC.

Court finds Key West failed to establish irreparable harm without preliminary relief. Filing statement and 3G’s prospectus detailed merger talks, board deliberations, fairness opinion, and financial data to inform stockholders’ decision-making. Legal requirements for injunction and availability of monetary damages noted by judge. SEC review ongoing, closing date TBD.

Skechers to remain headquartered in Manhattan Beach, Calif. with current management team steering the company. First-quarter net earnings of $202.4 million on net sales of $2.41 billion reported in April. Deal expected to close in third quarter, pending SEC review completion. Plaintiffs seeking injunctive relief must lack adequate money damages remedies, per judicial decision.

Read more at Yahoo Finance: Skechers Secures Legal Win to Move Forward on Acquisition